Oil industry is going down because of 3 reasons:
1- Pollution. As companies are forced to design more environment friendly engines, oil consumption is getting lower and lower with the new cars every year.
2- Electric cars. They are already rivaling oil cars and in the future they will be the only choice for most people.
3- Political reasons. Look at the biggest oil producers: Russia, Saudi Arabia, Iran. (I am excluding Norway and Venezuela from those. They can be ignored.)What do those countries have in common? They all are the enemies of the State. Why suddenly those electric cars popped up? Why now? To me they are not rocket science to make them. I am not bashing the intelligence of Elon Musk obviously he is 100 times more intelligent than me, but still, when i examined the tesla model s/3 plans i asked this to myself: Why haven't anyone thought that till now? It is simply because USA wasn't having major troubles with those countries till now. USA wants them to get weaker and weaker by cutting their most important export income. That's like a preparation for World War III.
I think the third reason encompasses the other two. A switch-over to electric cars would never happen at present times without significant political intervention. Of course there is pollution, but this problem is far worse in countries that so far showed less initiative to change the situation. So the present state of pollution is not worse enough to motivate people for change. It's the
expectation that things might become bad, that drives political interventions.
Electric cars are still not able to compete with conventional ones in terms of costs and reliability. But the situation is improving rapidly. This as well is a result of the political will to promote greener technology.
Ultimately electric engines will replace combustion engines for most applications, because they can be more efficient. However this replacement will take decades. The oil industry will not die tomorrow. Even without the use of oil as fuel, there are still many other products made from it - for example plastics.
ya.ya.yo!
